Financial Intermediaries as Markets for Firm Assets
提出金融中介理论，基于其在困境企业资产再配置中的作用，分析中介如何利用信贷关系中的信息促进资产流动，并探讨债务合同对资产市场的影响。
This article proposes a theory of financial intermediation based on intermediaries' role in the reallocation of assets of distressed firms. The article suggests that intermediaries aggregate information on firms in credit relationships and use this information to facilitate asset reallocation across firms. However, this role of intermediaries hinges on debt contracts that grant lenders the right to foreclose assets of distressed borrowers and, hence, exclude the most productive asset users from the resale market. We characterise conditions under which intermediaries arise and under which their role in the credit market enhances their role as markets for firm assets. Copyright 2007 The Author(s). Journal compilation Royal Economic Society 2007.